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Anaconda Mining Acquires Large Land Position Along Gold Bearing Structure in Newfoundland
Nov. 08, 2016 09:00AM PST
Gold InvestingAnaconda Mining (TSX:ANX) has reported that it has made significant property acquisitions on the Great Northern Peninsula 20 kilometers north of its Viking Project. As quoted in the press release: On the Northern Peninsula, Anaconda entered into an option agreement (the “Jackson’s Arm Agreement”) with Metals Creek Resources Corp. (“MEK “) to acquire a 100% …
Anaconda Mining (TSX:ANX) has reported that it has made significant property acquisitions on the Great Northern Peninsula 20 kilometers north of its Viking Project.
As quoted in the press release:
On the Northern Peninsula, Anaconda entered into an option agreement (the “Jackson’s Arm Agreement”) with Metals Creek Resources Corp. (“MEK “) to acquire a 100% undivided interest in 1,325 hectares (the “Jackson’s Arm Property”) and has staked 5,050 hectares of contiguous mineral lands totaling 6,375 hectares (collectively, the “Great Northern Project”) (Exhibit A and B).
Anaconda has also entered into an option agreement (the “Tilt Cove Agreement”) with MEK to acquire a 100% undivided interest in 350 hectares (the “Tilt Cove Property”) located 60 kilometres east of the Company’s Point Rousse Project within the Baie Verte Mining District (Exhibit A). Details of both agreements are given below.
Key exploration highlights
- Both projects are located along regional splays of the Long Range Fault system – a fertile gold bearing structure.
- A similar fault system, the Red Indian Line (and associated structures), was the focus of a recent staking rush for gold and, like the Long Range Fault, it is host to significant gold deposits.
- Both projects are located near Anaconda’s existing operating infrastructure at the Point Rousse Project, accessible by road and water, and have significant potential for discovery and resource growth.
Dustin Angelo, president and CEO, said:
Anaconda continues to be a strategic acquirer of highly prospective gold bearing property on the Baie Verte and Northern Peninsulas, which are hosts to regional splays of the Long Range Fault system. Beginning with the Viking Project and now with the Great Northern Project and Tilt Cove, we have tripled the size of our land position to almost 20,000 hectares in a very tight, geographic area within striking distance of the Pine Cove Mill.